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Volkswagen Group of America Announces Hardy Brennecke as New CFO

HERNDON, VA--(Marketwire - Jul 18, 2012) - Volkswagen Group of America (VWGoA) today announced the appointment of Hardy Brennecke (38) to the position of Executive Vice President and Chief Financial Officer effective August 1, reporting to Jonathan Browning, President and CEO.

In this position, Brennecke will play a critical role in developing and implementing the financial strategy for Volkswagen Group of America. The financial functions of VW and Audi Brand Controlling, Group Controlling, Treasury, Purchasing for the National Sales Company and Tax will report to Brennecke. As a member of the Group senior leadership team, he will ensure that VWGoA financial plans and economic modeling meets sales, marketing and profitability objectives.

"Hardy certainly brings a wealth of financial experience to our team here in the US," said Browning. "With his extensive experience in Wolfsburg, he also brings the very needed element of having established strong networks at the Headquarters, which are critical in communicating our progress and future opportunities at the appropriate times.

"We welcome Hardy and look forward to his active participation in continuing to support our growth plans here in the US."

Brennecke joined the Volkswagen Group Financial Services in November of 2000 where he held positions of increasing responsibility in Controlling, Treasury, and Strategy Planning. In December 2008, he moved to the Volkswagen Brand, leading Sales Controlling for VW Light Commercial Vehicles based in Hanover. Most recently, Brennecke has worked on key Group projects, reporting to Hans Dieter Poetsch, Chief Financial Officer of Volkswagen AG based in Wolfsburg.

Brennecke replaces Michael Lohscheller who recently announced he was leaving the company.

"We thank Michael for his contributions to our turnaround here in the US," said Browning. "And wish him well in his new endeavors."

About Volkswagen Group of America, Inc.Volkswagen Group of America, Inc. is a wholly owned subsidiary of Volkswagen AG, the world's third-largest automaker and the largest carmaker in Europe. It operates a manufacturing plant in Chattanooga, Tennessee and houses the U.S. operations of a worldwide family of distinguished and exciting brands including Audi, Bentley, Bugatti, Lamborghini and Volkswagen, as well as VW Credit, Inc. Founded in 1955, the company's headquarters are in Herndon, Va., and Volkswagen Group of America brings to the U.S. vehicles that marry the science of engineering and the art of styling, with the goal of offering attractive, safe, and environmentally sound automobiles that are competitive and set world standards in their respective classes. The company has approximately 4,500 employees in the United States and sells its vehicles through a 940-strong dealer network. With increasing popularity for its brands in the U.S., the company has set the goal of reaching one million car sales in the country by 2018.